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J.Crew Group Q4 total revenues increased 3% to $733.8 million

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Staff Writer | Thursday March 21, 2019 4:17AM ET
J.Crew Group
J.Crew Group   Comparable company sales increased 9% following a decrease of 3%

J.Crew Group announced financial results for the three months and fiscal year ended February 2, 2019.


Fourth Quarter highlights: Total revenues increased 3% to $733.8 million.

Comparable company sales increased 9% following a decrease of 3% in the fourth quarter last year. J.Crew sales decreased 4% to $527.9 million.

J.Crew comparable sales increased 6% following a decrease of 7% in the fourth quarter last year. Madewell sales increased 16% to $157.9 million.

Madewell comparable sales increased 22% following an increase of 19% in the fourth quarter last year. Gross margin decreased to 22.4% from 36.7% in the fourth quarter last year.

During the fourth quarter of fiscal 2018, the Company recorded a charge of $39.3 million for expected losses on the disposition of excess merchandise inventories. Selling, general and administrative expenses were $227.7 million, or 31.0% of revenues, compared to $252.1 million, or 35.4% of revenues in the fourth quarter last year.

This year includes transformation, transaction and severance costs of $10.8 million and a benefit of $6.6 million related to the lease termination payment in connection with our corporate headquarters relocation.

Last year includes transformation, transaction and severance costs of $21.3 million.

Excluding these items, selling, general and administrative expenses were $223.5 million, or 30.5% of revenues, compared to $230.8 million, or 32.4% of revenues, in the fourth quarter last year. Operating loss was $64.2 million compared with an operating income of $4.9 million in the fourth quarter last year.

The fourth quarter this year reflects the impact of excess inventory write-downs.

The fourth quarter last year reflects the impact of transformation costs. Net loss was $74.4 million compared with net income of $34.7 million in the fourth quarter last year.

The fourth quarter this year reflects the impact of excess inventory write-downs.

The fourth quarter last year reflects the impact of transformation costs. Adjusted EBITDA loss was $31.9 million compared with Adjusted EBITDA of $63.4 million in the fourth quarter last year.

Fiscal 2018 highlights:

Total revenues increased 5% to $2,484.0 million.

Comparable company sales increased 6% following a decrease of 6% last year. J.Crew sales decreased 4% to $1,779.5 million.

J.Crew comparable sales increased 2% following a decrease of 10% last year. Madewell sales increased 26% to $529.2 million.

Madewell comparable sales increased 25% following an increase of 14%

ast year. Gross margin decreased to 33.6% from 37.8% last year. Selling, general and administrative expenses were $824.0 million, or 33.2% of revenues, compared to $872.7 million, or 36.8% of revenues, last year.

This year includes transformation, transaction and severance costs of $18.6 million and a benefit of $20.7 million benefit related to the lease termination payment.

Last year includes transformation, transaction and severance costs of $81.1 million.

Excluding these items, selling, general and administrative expenses were $826.1 million, or 33.3% of revenues, compared to $791.6 million, or 33.4% of revenues, last year. Operating income was $0.9 million compared with an operating loss of $116.2 million last year.

Operating income this year reflects the impact of excess inventory write-downs and the benefit related to the lease termination payment.

Operating loss last year reflects the impact of non-cash impairment charges. Net loss was $120.1 million compared to $123.2 million last year.

This year reflects the impact of excess inventory write-downs and the benefit related to the lease termination payment.



Last year reflects the impact of non-cash impairment charges. Adjusted EBITDA was $112.8 million compared to $225.9 million last year.

 

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